Azenta (NASDAQ:AZTA) Shares Gap Down After Analyst Downgrade

Azenta, Inc. (NASDAQ:AZTA) shares gapped down before the market opened on Tuesday after Evercore ISI lowered their price target on the stock from $35.00 to $33.00. The stock had previously closed at $32.41, but opened at $30.38. Evercore ISI currently has an in-line rating on the stock. Azenta shares last traded at $29.57, with a volume of 75,899 shares changing hands.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC cut their target price on shares of Azenta from $59.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Stephens assumed coverage on shares of Azenta in a research report on Tuesday, July 22nd. They issued an “equal weight” rating and a $35.00 price objective on the stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Azenta by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 367,841 shares of the company’s stock worth $11,322,000 after buying an additional 12,533 shares during the last quarter. Geneva Capital Management LLC boosted its stake in Azenta by 7.9% in the 2nd quarter. Geneva Capital Management LLC now owns 519,759 shares of the company’s stock worth $15,998,000 after purchasing an additional 37,897 shares in the last quarter. Simon Quick Advisors LLC acquired a new stake in Azenta in the 2nd quarter worth approximately $635,000. Peregrine Capital Management LLC boosted its stake in Azenta by 1.7% in the 2nd quarter. Peregrine Capital Management LLC now owns 157,126 shares of the company’s stock worth $4,836,000 after purchasing an additional 2,656 shares in the last quarter. Finally, AlphaQuest LLC boosted its stake in Azenta by 1,816.6% in the 2nd quarter. AlphaQuest LLC now owns 51,978 shares of the company’s stock worth $1,600,000 after purchasing an additional 49,266 shares in the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.

Azenta Stock Performance

The business’s 50 day moving average is $31.01 and its 200 day moving average is $34.85. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -19.35 and a beta of 1.59.

Azenta (NASDAQ:AZTA) last released its earnings results on Tuesday, August 5th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The company had revenue of $143.94 million during the quarter, compared to analysts’ expectations of $149.64 million. Azenta had a negative net margin of 10.31% and a positive return on equity of 1.30%. Azenta’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the business earned $0.14 EPS. Sell-side analysts predict that Azenta, Inc. will post 0.53 EPS for the current year.

Azenta Company Profile

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.